For Those Who Are Considering Leaving Things as Is
Is it safe if you forget about your credit history and do nothing about it? First of all, it is not going to be possible because as you continue to live your life, you will be needing things. Yes, things you buy on your debit card won’t affect your credit score but it’s not that easy to buy cars and homes from debit cards is it? However, you should know for how long different types of events stay on your credit history.
- Bankruptcies (chapter 13), civil judgments, collection accounts, paid tax liens, and late payments will disappear from your credit history after seven years.
- Closed accounts, bankruptcies (chapter 7) and unpaid tax liens will disappear from your history not before 10 years.
- Credit inquiries stay on your history for the shortest duration of only 25 months.
It is clear after looking at the information above that you can’t take any of these events lightly. Something that appears as harmless as a credit inquiry can blotch your credit history for more than two years.